Refinancing

In the current climate of mortgage rate changes, refinancing gives you the opportunity beyond just lowering your interest rate.

For example, property values have appreciated greatly over the last few years which has created thousands of dollars in equity for most homeowners. A cash-out refinance or HELOC are options to consider if you need to tap into that cash.

As your lender for LIFE; YLM will provide you with periodic market updates to notify you of future opportunities to lower your mortgage payment when interest rates decrease.

What are the Benefits of Refinancing with YLM?

  • Reduce your mortgage rate.

  • Utilize home equity to access cash, pay off debt, or make home improvements.

  • Eliminate mortgage insurance.

  • Renegotiate the terms of your home loan.

  • Switch from an adjustable to fixed rate mortgage or vice versa.

Here are some scenarios where it could be an ideal time to refinance your home loan:

  • Still paying for mortgage insurance? If you are eligible for a loan now which does not require it, you could save significant money going forward.

  • Have other debts that you want to consolidate? Pay off your high-interest credit cards to simplify your financial life with a cash-out refinance.

  • If you have an adjustable rate mortgage which has been getting more and more expensive, you can switch to a fixed rate mortgage to prevent further ballooning.

  • If your income has decreased or you are struggling with higher bills, you can lengthen the term of your loan to reduce your monthly costs.

  • If your credit score has improved or you have a more competitive borrower profile for other reasons, what you qualify for today could be significantly better than what you qualified for when you took out your original home loan.